Barclay Pacific Rim Equities Index

This directional strategy involves
equity-oriented investing on both the long and short sides
of the market. The objective is not to be market neutral. Managers
have the ability to shift from value to growth, from small
to medium to large capitalization stocks, and from a net long
position to a net short position. Managers may use futures
and options to hedge. The focus is regional and includes only
funds that have a minimum portfolio allocation of 90% to the
countries of the Pacific Rim including Japan and Australia.
The index is simply the arithmetic average of the net returns
of all funds within the category that have reported that month.

The Barclay Pacific RimEquity Index is recalculated
and updated real-time on this page as soon as the monthly returns
for the underlying funds are recorded. Only funds that provide us with net returns are included in the index calculation. The number of funds
that are currently included in the calculations for the most
recent months can be found in the footnotes below. Please note
that the calculation for the number of funds is time-stamped
and that the number of funds will continue to increase until
all funds categorized within the sector have reported monthly
returns.

2015

2014

2013

2012

2011

Jan

-0.73%

-1.22%

4.64%

2.24%

0.62%

Feb

2.65%

-0.21%

1.14%

4.18%

1.21%

Mar

0.83%

-0.70%

2.91%

0.46%

-1.16%

Apr

2.85%

-0.69%

5.38%

-1.39%

0.01%

May

2.11%

0.48%

-0.84%

-5.00%

-1.05%

Jun

-1.09%§

1.86%

-0.98%

0.90%

-0.70%

Jul

0.00%†

1.27%

1.46%

-0.60%

0.58%

Aug

-

0.44%

-0.21%

-0.21%

-2.80%

Sep

-

0.47%

3.00%

1.97%

-3.35%

Oct

-

-0.70%

1.41%

0.32%

1.64%

Nov

-

0.70%

1.25%

0.75%

-2.47%

Dec

-

0.77%

1.57%

3.05%

-0.37%

YTD

6.73%*

2.47%

22.54%

6.56%

-7.69%

†Estimated performance for July 2015 calculated with reported data from 0 funds.

§Estimated performance for June 2015 calculated with reported data from 49 funds.

*All estimates and 2015 YTD amounts are calculated with reported data as of August-2-2015 13:24 US CST.

Past performance is not necessarily indicative of future trading results. The funds represent speculative investments and involve a high degree of risk. An investor could lose all or a substantial portion of his or her investment.